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In addition to factors related to betting skills, players also need to have a specific plan for participating in betting. This includes setting clear goals (such as the amount of money you want to earn in a certain period of time), as well as determining the level of risk you can accept. A specific betting plan will help players avoid getting caught up in random bets or unreasonable decisions, thereby helping them maintain a long-term and stable strategy.

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Overbetting, also known as “going all-in,” is when a player bets more money than he or she can afford to lose. This is a common mistake when chasing winning streaks or trying to win back lost money.